ROBERT SHILLER: Romney's Austerity Plan Will Transform The US Into Another Europe

Legendary economist Robert Shiller spoke with Jose Luis De Haro of El Economista on the New York Stock Exchange recently about the economy and the upcoming U.S. Presidential elections.

"It's likely [the U.S.] will have weakness, if not a recession," said Shiller commenting on the economic outlook. "It's kind of a trend. The whole world has been slowing down now for more than two years. We had a nice rebound from the depth, but I suspect its not sustainable."

De Haro than asked whether the elections would have an impact on the trajectory of the economy.

"I think we'll get Obama again," answered Shiller. "There's a good chance we'll get Romney. I think he will probably be okay. He did fine as governor of Massachusetts. But I think his austerity program might turn the U.S. into another Europe. And that's not what we want."